Wow. It wasn't too bad. The Chinese is understandable though it's not exactly what he's saying. Actually, it's kinda far off. But it is saying similar stuff. Problem is that had we not heard the English first a Chinese-speaking listener probably wouldn't understand the conversation. But hell...it's a great start. I hope it works!

if google and bing are any indication not so much. I don't speak Chinese so I can't check the translation, but you have two hurdles
speech recognition
translation
both must be perfect to function, a tiny flaw in either one and it doesn't work.

Have you ever tried to understand google translated Korean text?
Once they perfect that, only then can there be hope for an actual speech translator - (not happening within the next 20 years, since you'd need a translation software that's nearly self-aware^^)